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Fortune
Fortune
Camila Grigera Naón

Bitcoin soars to nearly $80,000—but crypto’s new favorite coin, Hyperliquid, is stealing its thunder

Hyperliquid Bitcoin Crypto Donald Trump United States
A trader trading crypto on their phone. (Credit: ALISTAIR BERG—GETTY IMAGES)

Bitcoin is surging again. The cryptocurrency climbed above $78,200 on Friday for the first time since May. But it wasn’t the only crypto asset posting big gains. Hyperliquid, the decentralized perpetual futures exchange, reached a record $75, leaving its HYPE token up over 195% so far this year, according to CoinGecko.

Hyperliquid’s gains have drawn market share that might otherwise have flowed into Bitcoin, according to Ish Asad, a research analyst at crypto index fund manager Bitwise Investments.

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